By reason of its double entry system, which relies on duality, accounting is virtually linked with balancing. At the end of a fiscal / accounting period, an entity must balance its books the initial step to summarizing and researching the monetary position and salary of the business or organisation. Accountants identify 2 sides of a ledgers debit and credit side. All debits must equal all credits. However, this doesn’t suggest that ledger accounts balance naturally in the course of trading. The accountant must have balance off an account by taking a figure to the finance reports. Continue reading →